Company file · SNDK
Sandisk
Sandisk's revenue nearly tripled in fiscal 2026, and it swung to a large profit
Revenue rose 175.3% to $20.2B, and net income was $11.4B after a loss of $1.6B a year earlier.
Key facts
In fiscal 2026, which ended Jul 3, 2026, Sandisk (Nasdaq: SNDK) took in $20.2B of revenue (up 175.3% on fiscal 2025); net income was $11.4B (compared with −$1.6B). The most recent quarter, ended Apr 3, 2026, brought revenue of $6.0B, up 251.0% year over year, with net income of $3.6B. Edge was the biggest single line by end market: 60% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Aug 17, 2026) and 10-Q for the quarter ended Apr 3, 2026 (filed May 1, 2026).
Source: 10-K FY2026, filed Aug 17, 2026
Source: 10-Q filed Nov 7, 2025 · 10-Q filed Jan 30, 2026 · 10-Q filed May 1, 2026
How it makes money
By end market, FY2026
Source: 10-K FY2026, XBRL breakdown
Edge was 60% of fiscal 2026 revenue, Datacenter 25% and Consumer 14%. Datacenter revenue was $5.2B, up from $325M in fiscal 2024.
Source: 10-K FY2026
What changed last quarter
Comparing Q3 FY2026 (Jan to Mar 2026) compared with Q3 FY2025 (Jan to Mar 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 FY2026Q3 FY2025
This is the latest quarter with its own 10-Q. Fiscal 2026 has since ended, and companies report the fourth quarter only inside the annual 10-K (filed Aug 17, 2026), so the full-year figures above are newer than this comparison.
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: Sandisk 10-Q for the quarter ended Apr 3, 2026, filed May 1, 2026
By end market
Source: Sandisk 10-Q for the quarter ended Apr 3, 2026, filed May 1, 2026
The bull case and the bear case
The bull case
- Revenue rose 175.3% in fiscal 2026 to $20.2B, and Datacenter revenue grew 436.8%. 10-K, FY2026
- Net income was $11.4B in fiscal 2026, after a loss of $1.6B in fiscal 2025. 10-K, FY2026
- Operating cash flow was $11.7B in fiscal 2026. 10-K, FY2026
The bear case
- It posted net losses in fiscal 2024 and fiscal 2025, so its record as a profitable company is short. 10-K, FY2026
- Flash memory prices swing widely, and fiscal 2026 revenue reflects a period of strong demand. 10-K, FY2026
- The 10-K lists memory price cycles, competition, its Kioxia joint venture and customer concentration among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Sandisk makes NAND flash memory and the products built on it: solid-state drives, memory cards, USB drives and flash chips. It separated from Western Digital in February 2025.
It sells flash storage for data centers, for PCs, phones and other devices (its Edge market), and to consumers under the SanDisk and WD brands. It makes flash wafers through a long-running joint venture with Kioxia in Japan.
Its fiscal year ends on the Friday nearest June 30.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Sandisk's latest 10-K. Read the original for the full list.
- Price cyclesFlash memory prices rise and fall sharply with supply and demand.
- CompetitionIt competes with larger memory makers with more manufacturing scale.
- Joint ventureMost of its flash supply comes from its joint venture with Kioxia.
- CustomersLarge customers account for a meaningful part of sales.
- Trade and ChinaMuch of its revenue is billed to Asia, and trade restrictions can affect sales.
- SeparationIt has operated as a stand-alone company only since February 2025.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $6.7B | $7.4B | $20.2B |
| Net income | −$672M | −$1.6B | $11.4B |
| Operating cash flow | −$309M | $84M | $11.7B |
| Cash & equivalents (year end) | $328M | $1.5B | $4.8B |
| Diluted shares | 145M | 145M | 155M |
- Revenue: Sales of NAND flash memory products: solid-state drives, memory cards, USB drives and flash chips.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Fiscal 2024 and early fiscal 2025 figures cover the flash business while it was part of Western Digital, as presented in Sandisk's filings.
- End-market figures are revenue by market as reported, which add up to total revenue.
- Fiscal 2026 ended Jul 3, 2026, after the latest 10-Q, so the latest quarter shown is the quarter ended Apr 3, 2026.
What we left out
- Total debt: Sandisk reported no debt outstanding at the end of fiscal 2026, so the debt row is left out.
Recent filings
Latest filings
- Oct 226:07 PM ET
Form 4
Sandisk Chief Legal Officer Bernard Shek reports 322 shares withheld for taxes
The filing reports 322 shares withheld to pay the exercise price or tax (code F).
- Oct 28:02 PM ET
Form 4
Sandisk Chief Legal Officer Bernard Shek reports selling 600 shares under a 10b5-1 plan
The filing reports 600 shares in an open-market or private sale (code S) at $1,734.94, about $1.0 million in total.
Common questions about Sandisk
How does Sandisk make money?
In fiscal 2026, revenue totaled $20.2B. Edge was 60% of fiscal 2026 revenue, Datacenter 25% and Consumer 14%. Datacenter revenue was $5.2B, up from $325M in fiscal 2024. Source: 10-K for fiscal 2026, filed Aug 17, 2026.
What was Sandisk's revenue in fiscal 2026?
Revenue came to $20.2B in the year ended Jul 3, 2026. Going back two years, it was $6.7B in fiscal 2024 and $7.4B in fiscal 2025, so the latest year was up 175.3%. Source: 10-K for fiscal 2026, filed Aug 17, 2026.
Is Sandisk profitable?
Yes, by US accounting rules (GAAP): net income was $11.4B in fiscal 2026, compared with −$1.6B from −$1.6B a year earlier. For the quarter ended Apr 3, 2026, net income was $3.6B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Aug 17, 2026.
What did Sandisk report in its latest quarterly filing?
The 10-Q for the quarter ended Apr 3, 2026 shows revenue of $6.0B, against $1.7B in the same quarter a year before (up 251.0%), and net income of $3.6B, against −$1.9B (compared with −$1.9B). Source: 10-Q for the quarter ended Apr 3, 2026, filed May 1, 2026.
What are the main risks Sandisk lists?
Item 1A of the fiscal 2026 10-K (filed Aug 17, 2026) sets out the risks. Grouped, they fall into 6 areas: Price cycles; competition; joint venture; customers; trade and China; separation. To start with the first: Flash memory prices rise and fall sharply with supply and demand. Source: 10-K, Item 1A Risk Factors.
Where do these Sandisk numbers come from?
Two filings Sandisk made with the SEC: its fiscal 2026 10-K, filed Aug 17, 2026, and its 10-Q for the quarter ended Apr 3, 2026, filed May 1, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in SNDK
- The editor holds no position in Sandisk (SNDK). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell SNDK from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold SNDK, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| SandiskSNDK | FY2026 | $20.2B | +175.3% | $11.4B |
| MicronMU | FY2026 | $133.2B | +256.3% | $85.0B |
| IntelINTC | FY2025 | $52.9B | −0.5% | −$267M |
| QualcommQCOM | FY2025 | $44.3B | +13.7% | $5.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.